Impact of Closed account reporting

[Pradumya]

Hi peoples

I regularly check my credit reports but never had a look at the closed accounts.
Today I saw something strange - I had Paytm postpaid accounts from Aditya Birla Finance which are closed for around 2-3 years now.

As you can see in the screenshot - The account got closed in 2021 itself, but they are reporting it still

And this is not just the case with Aditya Birla Finance, similar pattern I noticed in SBM Bank reporting.
Here also the account got closed in 2023 itself, still the reporting is done continuously.


I do know that personal loans in credit reports are not a good sign, but what if they are still reporting them. Though closed is marked but still does this shows as bad remark?

This is not just the case with experian, even CIBIL report has these same.. And my score is up down 5-10 points every month. Not going above 780. Is this because of this reporting?

Should I do something about it?

 

[Pradumya]

Also please let me know - What if I get annual fee in my CC statement and I repay my principal and leave the annual fee as it is. Then close the account, since there is an outstanding in the card and assuming that CC reporting is after due date, will the bank report closure and overdue?

Shabd shayad confusing ho sakte hai, bhavnaye samjh lijiye pls

 

[Vasuki]

Hi peoples

I regularly check my credit reports but never had a look at the closed accounts.
Today I saw something strange - I had Paytm postpaid accounts from Aditya Birla Finance which are closed for around 2-3 years now.

As you can see in the screenshot - The account got closed in 2021 itself, but they are reporting it still

And this is not just the case with Aditya Birla Finance, similar pattern I noticed in SBM Bank reporting.
Here also the account got closed in 2023 itself, still the reporting is done continuously.


I do know that personal loans in credit reports are not a good sign, but what if they are still reporting them. Though closed is marked but still does this shows as bad remark?

This is not just the case with experian, even CIBIL report has these same.. And my score is up down 5-10 points every month. Not going above 780. Is this because of this reporting?

Should I do something about it?

Get it closed ,as short term loan has not so good impact.
If it's credit card that's different case but not loans


Mail them they will close it.

 

[Sahilhenzy]

Hi peoples

I regularly check my credit reports but never had a look at the closed accounts.
Today I saw something strange - I had Paytm postpaid accounts from Aditya Birla Finance which are closed for around 2-3 years now.

As you can see in the screenshot - The account got closed in 2021 itself, but they are reporting it still

And this is not just the case with Aditya Birla Finance, similar pattern I noticed in SBM Bank reporting.
Here also the account got closed in 2023 itself, still the reporting is done continuously.


I do know that personal loans in credit reports are not a good sign, but what if they are still reporting them. Though closed is marked but still does this shows as bad remark?

This is not just the case with experian, even CIBIL report has these same.. And my score is up down 5-10 points every month. Not going above 780. Is this because of this reporting?

Should I do something about it?

Jab 2021 mein closed hua within 3 month report ho jaana chahiye tha. Itne dino se kaha the baauwa. 2021 se reporting chal raha dekhe nhi baaauwa?

 

[Vasuki]

Jab 2021 mein closed hua within 3 month report ho jaana chahiye tha. Itne dino se kaha the baauwa. 2021 se reporting chal raha dekhe nhi baaauwa?

Bauuuwa didn't see Experian..
Cibil might have reported closed

 

[#aniket]

Get it closed ,as short term loan has not so good impact.
If it's credit card that's different case but not loans


Mail them they will close it.

 

[Pradumya]

Jab 2021 mein closed hua within 3 month report ho jaana chahiye tha. Itne dino se kaha the baauwa. 2021 se reporting chal raha dekhe nhi baaauwa?

Bauuuwa didn't see Experian..
Cibil might have reported closed

Are sir
Closed marked hai
Lekin fir bhi report kar raha hai Aditya Birla and SBM Bank

 

[Pradumya]

Finally someone who reads properly 😁🙏🙃

 

[Vasuki]

Are sir
Closed marked hai
Lekin fir bhi report kar raha hai Aditya Birla and SBM Bank

Get the reporting correct.
That's what it means .

 

[#aniket]

Finally someone who reads properly 😁🙏🙃

Contact to your lender and escalate this matter/ behaviour and get this corrected.

 

[Pradumya]

Get the reporting correct.
That's what it means .

Contact to your lender and escalate this matter/ behaviour and get this corrected.

So means k CLOSED but still reporting is bad for report and score?

 

[Vasuki]

So means k CLOSED but still reporting is bad for report and score?

Yup it just mean there Is something active in their system which leads to reporting everymonth .
So better close the chapter . Unless u r planning cc in next 1-2 it will come back even if it goes down
So don't worry .if it's closed it doesn't even matter in your score but get it fixed..
For any future inconvenience

 

[Pradumya]

Yup it just mean there Is something active in their system which leads to reporting everymonth .
So better close the chapter . Unless u r planning cc in next 1-2 it will come back even if it goes down
So don't worry .if it's closed it doesn't even matter in your score but get it fixed..
For any future inconvenience

Got it sir
BTW Doctor Banna itna tough hai that you needed Shiva ji to Fix it for you 🤔

For context to everyone - Vasuki is the name of Naag on Shiva ji's neck...

 

[Pradumya]

Also please let me know - What if I get annual fee in my CC statement and I repay my principal and leave the annual fee as it is. Then close the account, since there is an outstanding in the card and assuming that CC reporting is after due date, will the bank report closure and overdue?

Shabd shayad confusing ho sakte hai, bhavnaye samjh lijiye pls

Also @DocFixit
Any vishesh tippani on this?

 

[Vasuki]

Also @DocFixit
Any vishesh tippani on this?

Overdue is overdue..
No discrimination if u miss it .
Can't be closed with negative balancee
Even if closed it will reported as late payment

 

[Pradumya]

Overdue is overdue..
No discrimination if u miss it .
Can't be closed with negative balancee
Even if closed it will reported as late payment

But then sir I read multiple threads saying that Annual fee lagne k baad closure ki request dalenge and ask for LTF or waiver.
What if they get unsuccessful and card gets closed?
In that case only amount pending was annual fee.

 

[Vasuki]

But then sir I read multiple threads saying that Annual fee lagne k baad closure ki request dalenge and ask for LTF or waiver.
What if they get unsuccessful and card gets closed?
In that case only amount pending was annual fee.

Oh that.
You basically talk to retention team when annual fees is about to be deducted 12th month statement .
So u do closing drama for fees reversal or points equivalent

For sbi after also they will entertain.
That's about calling customer care & then call tranfer to retention team .

 

[Pradumya]

Oh that.
You basically talk to retention team when annual fees is about to be deducted 12th month statement .
So u do closing drama for fees reversal or points equivalent

For sbi after also they will entertain.
That's about calling customer care & then call tranfer to retention team .

Yes yes that only
Many banks say na ki annual fee lag jane dijiye uske baad waiver ki request lenge like you mentioned SBI

What if retention team se unsuccessful hota hai waiver and card close ho jata hai
Annual fee toh outstanding reh jaegi..

 

[Vasuki]

Yes yes that only
Many banks say na ki annual fee lag jane dijiye uske baad waiver ki request lenge like you mentioned SBI

What if retention team se unsuccessful hota hai waiver and card close ho jata hai
Annual fee toh outstanding reh jaegi..

If u talk to retention team u can negotiate.

If u not satisfied just say will Call u later

Try again with another guy ..

 

[#aniket]

But then sir I read multiple threads saying that Annual fee lagne k baad closure ki request dalenge and ask for LTF or waiver.
What if they get unsuccessful and card gets closed?
In that case only amount pending was annual fee.

In worst case if it's closed, though you need to pay outstanding amount, annual fees and it will go through smoothly.